Proper policy analysis a 'must for making good decision'
Sunday, 7 November 2010
FE Report
Speakers at a book-launching event in Dhaka on Saturday highlighted the need for proper economic analyses through strengthening institutions in order to formulate and implement policies for delivering the desired results.
They observed better management capacity, with the support of quality economic analyses, can ensure steady economic progress and promote people's well-being.
The function, marking the launching of the book, "Unpleasant Economics", by noted economist Prof M. A. Taslim was chaired by Prof. Wahiduddin Mahmud.
Bangladesh Bank (BB) Governor Dr. Atiur Rahman was the chief guest at the function.
Former advisor to caretaker government Dr. Hossain Zillur Rahman, Editor of The Financial Express Moazzem Hossain and Commerce secretary Ghulam Hossain were the designated discussants at the book-launching event.
The book is a compilation of write-ups and essays by Prof. Taslim. Many of his such works, included in the book, were published earlier in the country's print media including The Financial Express (FE).
In his observation at the function, renowned economist Dr. Wahiduddin Mahmud said: "Proper policy analysis is a must for making any good economic decision. Managing the economy with the support of good policy analyses is critical for accelerating the country's economic development".
He also noted lack of economic literacy often results in economic fallacy, leading to formulation of wrong policies, entailing risks and additional costs to the economy.
The author of the book, Dr. M A Taslim, is currently serving as the Chief Executive Officer (CEO) of Bangladesh Foreign Trade Institute (BFTI). He also served earlier as the chairman of Bangladesh Tariff commission in 2002-04. With a long career of teaching in different universities at home and abroad, he had represented Bangladesh in many international forums.
While commending the painstaking efforts of Prof. Taslim for bringing out the book, Prof Wahiduddin Mahmud stressed the need for raising the level of economic literacy to help promote and enhance the efficiency of the economy.
Former advisor to an earlier caretaker government Prof. Wahiduddin Mahmud said he found the book as being illustrative of the relevance of economics to the people in all walks of life.
"It has been written in an easy-to-understand manner, discarding the typical approach of any the pedantic textbook, and simplifies even complex economic issues," he added.
Speaking on the occasion as the chief guest, BB governor Dr. Atiur Rahman said professional integrity in matters of public discourse and economic research are critically important for providing better inputs for economic management and policy-making. He stated that the BB has actively been promoting stakeholders' participation in the formulation as well as operationalisation of monetary policy.
The BB governor noted, "The central bank is trying its best to make use of analytical skill and expertise of the available experts outside the bank, in discharging its functional responsibility."
He also observed that there "is a need for convergence of both fiscal and monetary policies". The BB is well aware of this need and has been pro-active about co-ordination of both policies to help achieve the cherished national economic goals and objectives, he added.
Citing small and medium enterprises (SMEs), agro-industries and renewable energy as the priority areas, Dr. Rahman said, "Though large infrastructure projects to help overcome the related deficit are yet to become operational, such small initiatives are helping to keep the growth rate stable in recent years."
Pointing to the challenges faced by the central bank, the governor said, "Greater financial inclusion and redirecting remittance money to productive sectors are among its key areas of its policy actions". Furthermore, he said BB has, of late, taken up a move to offer concessionary lending rates for encouraging and promoting import-substituting activities relating to a select group of commodities including some agricultural ones. "Boosting domestic demand and maintenance of exchange rate stability, while taming the rate of inflation, has also drawn our policy focus as well, he added.
Bangladesh Bank (BB) Governor Dr Atiur Rahman said the central bank is looking for developing a new banking regime to offer the financial services that will cater better to the country's requirements.
He added the situation, now obtaining in the country, calls for taking a new approach by the banking sector to meet the demands of the time, for achieving sustainable accelerated economic growth.
About Prof Taslim's book, the BB governor said, "It is an interesting and useful one in the sense that the issues, dealt with in it, has a strong Bangladesh contextual base."
"The book can a good reading for learners and students of economics as the textbooks are not written in a local context", he observed.
Dr. Hossain Zillur Rahman, advisor to the last caretaker government, said on the occasion, integrity of public discourse "is a rare instance now-a-days".
"But, it's apparent from his book that Taslim does not lack it," he added.
Zillur observed, "Partisan approach is a challenge to analytical integrity of researchers as well as policy-makers in Bangladesh."
He further noted, "Moral persuasion is important but it will not be enough to help address the problems of any market-oriented economy. Strengthening management capacity is the challenge."
Speaking on the occasion, the Commerce Secretary said, "Keeping prices continually stable is well-enough impossible, but the government can try to keep the same within a reasonable level".
He cited the Delivery Order (DO) system as the one of the main reasons for price-hike of some essential commodities and stated that the government is taking steps to replace it with a new system."
"There is no competition law in our country to address the problems of any 'syndicate or cartel' that manipulates market mechanism. "We have already formulated a draft of this act and hope to place it before the parliament by this year," he added.
In his observation on the book, commerce secretary Ghulam Hussain said: "The writer has sided with the consumers' interest, not with the policymakers, nor the businessmen."
Although the author is closely associated with the ministry of commerce in his current position and also in his former position as the head of the Tariff Commission, he maintained an impartial stance, coming down hard on government policies, he added.
Speaking at the function FE Editor Moazzem Hossain said it is important to persuade all concerned to change their "entrenched views" when these are not supported by facts, economic information and data, about policy issues and matters.
He endorsed the views expressed by Prof. Taslim in his book in this connection.
He added the policy-makers and all others should particularly be careful about the pitfalls of "economic populism" - a term that is otherwise found often to be employed in loose, inconsistent 'catch-all' types of prescriptions or policy-recipe.
On the points that Prof. Taslim sought to drive home about the high-degree of relevance of rigorous economic analyses to formulation or putting in place, of appropriate policies under any given circumstances, Moazzem Hossain said such points "have, indeed, strong merits for consideration by our policy-makers".
BB governor Dr. Atiur Rahman unveiled the book, along with other designated discussants.
Teachers and students from Economics department of Dhaka University and publisher of the book were also present on the occasion.
Though the book has been written in a "popular economics" manner, everything in it has a rigorous base, to the author earlier said at the function.
"The review of the book, which I got today, is very important as we have seen abroad that an academic's work is weighed by the judgments of his peers," he noted.
Unpleasant Economics, published by Jagriti Prokashoni, costs Tk 350. The book is set to hit major bookstores soon.
The book-launching event was organized by Development Initiatives, a non-government organization.
Speakers at a book-launching event in Dhaka on Saturday highlighted the need for proper economic analyses through strengthening institutions in order to formulate and implement policies for delivering the desired results.
They observed better management capacity, with the support of quality economic analyses, can ensure steady economic progress and promote people's well-being.
The function, marking the launching of the book, "Unpleasant Economics", by noted economist Prof M. A. Taslim was chaired by Prof. Wahiduddin Mahmud.
Bangladesh Bank (BB) Governor Dr. Atiur Rahman was the chief guest at the function.
Former advisor to caretaker government Dr. Hossain Zillur Rahman, Editor of The Financial Express Moazzem Hossain and Commerce secretary Ghulam Hossain were the designated discussants at the book-launching event.
The book is a compilation of write-ups and essays by Prof. Taslim. Many of his such works, included in the book, were published earlier in the country's print media including The Financial Express (FE).
In his observation at the function, renowned economist Dr. Wahiduddin Mahmud said: "Proper policy analysis is a must for making any good economic decision. Managing the economy with the support of good policy analyses is critical for accelerating the country's economic development".
He also noted lack of economic literacy often results in economic fallacy, leading to formulation of wrong policies, entailing risks and additional costs to the economy.
The author of the book, Dr. M A Taslim, is currently serving as the Chief Executive Officer (CEO) of Bangladesh Foreign Trade Institute (BFTI). He also served earlier as the chairman of Bangladesh Tariff commission in 2002-04. With a long career of teaching in different universities at home and abroad, he had represented Bangladesh in many international forums.
While commending the painstaking efforts of Prof. Taslim for bringing out the book, Prof Wahiduddin Mahmud stressed the need for raising the level of economic literacy to help promote and enhance the efficiency of the economy.
Former advisor to an earlier caretaker government Prof. Wahiduddin Mahmud said he found the book as being illustrative of the relevance of economics to the people in all walks of life.
"It has been written in an easy-to-understand manner, discarding the typical approach of any the pedantic textbook, and simplifies even complex economic issues," he added.
Speaking on the occasion as the chief guest, BB governor Dr. Atiur Rahman said professional integrity in matters of public discourse and economic research are critically important for providing better inputs for economic management and policy-making. He stated that the BB has actively been promoting stakeholders' participation in the formulation as well as operationalisation of monetary policy.
The BB governor noted, "The central bank is trying its best to make use of analytical skill and expertise of the available experts outside the bank, in discharging its functional responsibility."
He also observed that there "is a need for convergence of both fiscal and monetary policies". The BB is well aware of this need and has been pro-active about co-ordination of both policies to help achieve the cherished national economic goals and objectives, he added.
Citing small and medium enterprises (SMEs), agro-industries and renewable energy as the priority areas, Dr. Rahman said, "Though large infrastructure projects to help overcome the related deficit are yet to become operational, such small initiatives are helping to keep the growth rate stable in recent years."
Pointing to the challenges faced by the central bank, the governor said, "Greater financial inclusion and redirecting remittance money to productive sectors are among its key areas of its policy actions". Furthermore, he said BB has, of late, taken up a move to offer concessionary lending rates for encouraging and promoting import-substituting activities relating to a select group of commodities including some agricultural ones. "Boosting domestic demand and maintenance of exchange rate stability, while taming the rate of inflation, has also drawn our policy focus as well, he added.
Bangladesh Bank (BB) Governor Dr Atiur Rahman said the central bank is looking for developing a new banking regime to offer the financial services that will cater better to the country's requirements.
He added the situation, now obtaining in the country, calls for taking a new approach by the banking sector to meet the demands of the time, for achieving sustainable accelerated economic growth.
About Prof Taslim's book, the BB governor said, "It is an interesting and useful one in the sense that the issues, dealt with in it, has a strong Bangladesh contextual base."
"The book can a good reading for learners and students of economics as the textbooks are not written in a local context", he observed.
Dr. Hossain Zillur Rahman, advisor to the last caretaker government, said on the occasion, integrity of public discourse "is a rare instance now-a-days".
"But, it's apparent from his book that Taslim does not lack it," he added.
Zillur observed, "Partisan approach is a challenge to analytical integrity of researchers as well as policy-makers in Bangladesh."
He further noted, "Moral persuasion is important but it will not be enough to help address the problems of any market-oriented economy. Strengthening management capacity is the challenge."
Speaking on the occasion, the Commerce Secretary said, "Keeping prices continually stable is well-enough impossible, but the government can try to keep the same within a reasonable level".
He cited the Delivery Order (DO) system as the one of the main reasons for price-hike of some essential commodities and stated that the government is taking steps to replace it with a new system."
"There is no competition law in our country to address the problems of any 'syndicate or cartel' that manipulates market mechanism. "We have already formulated a draft of this act and hope to place it before the parliament by this year," he added.
In his observation on the book, commerce secretary Ghulam Hussain said: "The writer has sided with the consumers' interest, not with the policymakers, nor the businessmen."
Although the author is closely associated with the ministry of commerce in his current position and also in his former position as the head of the Tariff Commission, he maintained an impartial stance, coming down hard on government policies, he added.
Speaking at the function FE Editor Moazzem Hossain said it is important to persuade all concerned to change their "entrenched views" when these are not supported by facts, economic information and data, about policy issues and matters.
He endorsed the views expressed by Prof. Taslim in his book in this connection.
He added the policy-makers and all others should particularly be careful about the pitfalls of "economic populism" - a term that is otherwise found often to be employed in loose, inconsistent 'catch-all' types of prescriptions or policy-recipe.
On the points that Prof. Taslim sought to drive home about the high-degree of relevance of rigorous economic analyses to formulation or putting in place, of appropriate policies under any given circumstances, Moazzem Hossain said such points "have, indeed, strong merits for consideration by our policy-makers".
BB governor Dr. Atiur Rahman unveiled the book, along with other designated discussants.
Teachers and students from Economics department of Dhaka University and publisher of the book were also present on the occasion.
Though the book has been written in a "popular economics" manner, everything in it has a rigorous base, to the author earlier said at the function.
"The review of the book, which I got today, is very important as we have seen abroad that an academic's work is weighed by the judgments of his peers," he noted.
Unpleasant Economics, published by Jagriti Prokashoni, costs Tk 350. The book is set to hit major bookstores soon.
The book-launching event was organized by Development Initiatives, a non-government organization.